- (New York, New York) Newish to real estate and I soon will be inheriting two high value, mortgage free rental properties ($1+ million total) from grandparents in Queens,New York. Where do I go from here?
- Need advice about first real estate purchase!
- Why are Zillow prospects so flaky?!
- Rental paid off. Now what?
- Buying foreign property?
- How does duplexes, triplexes, and fourplexes work?
- Can someone explain the strategy and correct way to use the equity in your house to buy another house?
- Chicago Rental MFH refi
- Where is a good area in Maryland to buy a really cheap house solely for the purpose of renting the rooms out and living in the basement or another room?
- Living in home I own but having a tenant with a lease? Legal?
- Have several houses paid off, looking to expand.
- Had house winterized. Pipe apparently burst anyway. Insurance? What now? Any advice? (VT)
- Any real estate investing video games or simulations for newbies
- Trying to get stared with 5k
- How do end of year taxes work for out of state property?
- Searching for General Contractors
- Installing electricity/water on vacant lot (Fl - Miami)
- What are hard requirements before starting with eal estate investing?
- Approaching 1 year with primary mortgage (2nd home). Can I purchase next home, a duplex, on a primary mortgage? W-2 income slightly cut back to $40K/annual from $80K. Applied for and got 2nd job just in case.
- Looking for advice/insight please!
- Me and a great friend are thinking of buying a property, how to split the mortgage if one of us move in to the multi-unit building?
- Sell or rent this house? (Stole this house and tiny payment)
- Can anyone recommend a data aggregator for home owner & property information?
- [Los Angeles, CA] investing in section 8?
Posted: 29 May 2020 07:42 AM PDT Sorry if my thoughts seem a bit jumbled, I'm writing this as I think of things. Title doesn't begin to begin to explain the situation but here it goes: My grandparents like many people of their era purchase their house and my great grandparents house for $5 and a song back in the mid 1900s. They've paid off and maintained both houses pretty well and have been using one as a rental property for quite some time now. Fast forward to present day and my grandfather passes away in January and my Grandmother's health has taken a downward turn. I currently manage their rental property from out of state and pretty much all of the major financial dealings at this point. My grandmother has told me that she wouldn't mind transferring the properties into my name (joint ownership) if it would lower the tax bill once she passes. My questions are as follows 1) Would it be beneficial to her estate planning to have both homes deeded for joint ownership? would that lower the taxes I would pay for once she passes? Would it be better (tax & investment wise if I started an LLC and asked her to transfer ownership to that? 2) What do I do with the properties once she passes? I have a bunch of ideas here and I know it all depends on the deal but I wanted to get some real feedback from those more experienced than I with the following ideas: 1.Purchasing a row home in Washington, DC (where I live) and convert them into condos which I would then sell 2. Purchase a portfolio with larger cashflow potential ( more doors, higher end or multi-family) 3. bite the bullet, sell and plow all the money into a REIT. A little about me: Early 30s who works for the government making over $100,000 annually. low pressure job that is 50% remote so I have alot of time to dedicate towards investing and research. I would like to take this windfall, invest it and down the road whatever I end up with equal or exceed my current annual salary. ( Sorry if I am all over the place I just have so many ideas and I am trying to narrow down to a solid few good ones) Any and ALL advice is welcome! I am fairly new to real estate investing and am eager to hear about any resources anybody has out there that they are willing to share. [link] [comments] |
Need advice about first real estate purchase! Posted: 29 May 2020 11:04 PM PDT Hear me out...I know that mobile homes lose value over time and have read up on the cons involved. I have found a few mobile homes in nice areas that have been remodeled, are very spacious, and are listed for less than 50k. I've had to rent all my life and I'm tired of roommates. Got about 20K saved up and have invested about 5K in the stock market. My question is... if I lived in the mobile home while paying it off and then rented it out without ever planning to sell, would this not be a good first home purchase? I live within in my means and have very low expenses, there's no way I'll be able to afford a house anytime soon but with a mobile home I'd be pretty much paying what I do now renting. Even if I only made 500 a month renting it out (after park fees) it would be a start to receiving SOME passive income and I'd at least have something to call my own and fall back on if I ever needed to... I've got no one who can have a reasonable conversation with me about this so any advice/ experience would be sooo extremely helpful, I'd really appreciate it. If you think this is a bad idea what would you do with 20k even if not involving real estate? Thank you! [link] [comments] |
Why are Zillow prospects so flaky?! Posted: 29 May 2020 05:21 PM PDT Am I the only one!? I list a new rental unit on Zillow - within a couple of hours I have a few of the generic "I'm interested in this property please contact me about a time to see it." I respond VERY quickly ( within 15-45 minutes, on average) and say something like, "Thanks for your interest - happy to set up a time to show it to you, please let me know when would be most convenient. Also, if I can provide any other information or answer any questions I'm happy to do that too. Thanks" And...... *crickets* I'd say fully half those people I never hear from again. And it's not just the first few - throughout the time I have the listing posted I'd say that consistently happens. What am I missing?! Why did you reach out if you weren't actually interested?? Do others experience this?? Thanks for any insight... [link] [comments] |
Posted: 29 May 2020 10:02 AM PDT This is somewhat of an update to a previous post but, We have a fully paid off rental property worth $270,000 that receives a rent of $1400 per month. Option A: keep status quo. Raise rents slightly. Option B: Sell/1031 exchange rental property. Use money to buy other properties with the goal of purchasing ~150k properties that give ~1500/month rent. Option C: Cash out refinance. Use money to buy other properties with the goal of purchasing ~150k properties that give ~1500/month rent. The safest option is Option A. But is also comes with the worst returns. I think that I like Option C the most because it allows me to keep the rental property that I currently have and allows me to purchase additional ones. If I choose this option, do I pay another property off completely (e.g., pay off $150k rental) or do I only pay off part of it (e.g., 25% down)? [link] [comments] |
Posted: 29 May 2020 07:31 PM PDT Wife is from France and still has family there. On a whim, hopped over to check out real estate online in France. I was shocked at how seemingly cheap some places were within 10 minutes of beaches in the north of France. We travel to France about once a year, we figured it could be a good source of revenue via renters or Airbnb/tourism as it's very busy there in the summers. With the added benefit of having a place to stay when we visit family. Properties we're interested in are smaller cottages/flats ranging from 40-60k€ in value after all taxes and fees. They all appear in good shape aside from some cosmetic work like paint and new furniture and we plan to visit/research properties in person before buying. Her mother has agreed to look after the place if we buy, and she formerly sold real estate quite successfully and has a good eye. We plan to buy in France with cash in a year-two year timeframe, and then buy our own house within 5 years with some degree of a mortgage after 20-50% down payment. In my mind, we feel comfortable where we are, and could potentially put our money to work for us in the short term while renting cheaply, versus saving and buying more house down the road that we live in but don't generate income from. Is this faulty reasoning? Are we silly for doing this? We currently rent a very cheap/small apartment because we have no kids and don't mind being frugal to save more money. We have about 10 grand in savings and will have all our debt zeroed out by the end of next month. Should we only consider this after we've bought our own house? I figured I'd ask the interwebs because there's value in hearing others opinions and experience/wisdom. TL;DR Buy smaller property overseas in the short term to rent out, while continuing to rent ourselves; or save longer and buy a larger home to live in first? Thanks in advance! [link] [comments] |
How does duplexes, triplexes, and fourplexes work? Posted: 29 May 2020 04:57 PM PDT My friend and I have been driving for dollars looking at homes. I'm interested in getting a multifamily specifically a fourplex or duplex. I notice some fourplexes have different addresses instead of units. My friend was telling me that you cant buy the whole entire multifam because it has different addys which is true but im not sure. If I purchase a fourplex can I buy the whole entire house and rent out to all tenants or buy out each unit? Hopefully this question makes sense. [link] [comments] |
Posted: 29 May 2020 09:14 PM PDT Phoenix, AZ. A guy I know, at 19 bought his first house, in the 7 years that passed till today, he bought and moved into new houses using the equity from the previous house bought and fixed them up, so and so on until he owned 5-6 houses, all of em paying rent and him making some money on top. He makes it sound so easy, but then again he used to work in mortgages with a credit union. Is this a risky strategy? What's the best way to do this? I bought a house Oct 2018 for 200k and its currently worth about 235k-240k, I owe 190k on the loan. I'm thinking about refinancing soon to lower my rate/monthly payment and drop the PMI. But now I'm thinking should I take some more money out via the equity when I refinance, and use that money to buy another house and follow the same pattern as the guy I know. I'm trying to find a way to make some passive income via real estate investing and this seems to be the best way and most realistic given I don't have wads of cash at my disposal. Please don't discourage me by saying being a landlord is terrible, I've seen differ case by case. [link] [comments] |
Posted: 30 May 2020 01:29 AM PDT I have not been able to find a broker that can beat my current rate 4.5% for a 30 yr fixed conventional refi with no points no fees. Has anyone recently done refi with lower rate in Chicago area? Please share the details and the loan agent. Thank you [link] [comments] |
Posted: 29 May 2020 11:00 PM PDT Have 25k saved up and make $21 a hour. Want to live in one room or basement and rent the rest out to pay off the mortgage. [link] [comments] |
Living in home I own but having a tenant with a lease? Legal? Posted: 29 May 2020 10:13 PM PDT I have a large home, and am thinking about letting a friend move in with her two children, but legitimately. She would sign a 12 month lease, fair market rent etc. I would still continue to live in one of the rooms. Does this turn my home into a rental property? Can I deduct things as if it was a rental property? Is there any laws being broken by doing this? I live in CA if that matters. [link] [comments] |
Have several houses paid off, looking to expand. Posted: 29 May 2020 09:44 AM PDT Sorry for the wall of text, but here it goes. Me, my brother, and my older mother have 5 houses that are paid off, 2 of which receive low-income assistance for the renters. Here is house value and income
A couple houses were acquired from family and the other 3 were purchased. Currently everything is in my mother's name, and we carry a $5m umbrella policy. We did this because my dad was retired and able to manage everything while we worked full time jobs. We are looking to expand with a couple larger houses in the $110k - $150k range with ~$1,300 m month income each. Going forward, considering my mother is getting older which brings the inevitable, would be better off dropping the umbrella and moving to an LLC/S Corp to avoid the taxes and mortgage PIA when she passes? [link] [comments] |
Had house winterized. Pipe apparently burst anyway. Insurance? What now? Any advice? (VT) Posted: 29 May 2020 01:48 PM PDT So this is maybe a little complicated. The situation: --We own a property in Vermont that has two houses on one lot. --House #1 is rented out. --We had been living in house #2 but left last October. We didn't know if/when we would return so we didn't rent it out. --Thinking that we likely would rent it out we looked into changing our home insurance to a rental policy. However, the policy we turned up would only apply if both houses were rented out. Because we were preserving the option for ourselves to return, we didn't want to rent out house #2 and so didn't switch the policy. --As it seemed like we would stay gone through winter we hired a handyman to winterize house #2 to avoid having to heat a vacant building. We have a receipt from him. --We had a realtor run by today because we're thinking about selling the place. She discovered a leak. I'm 1000 miles away and so I can't say for sure but it's almost certainly a burst pipe. She sent some photos and the damage looks significant-- mold, drywall repair, etc. Not good. We've pretty bummed and kind of at a loss as to what to do. -Should we go after the guy who we hired to winterize the place? I'm not there and so don't know where he made a mistake but it looks pretty likely that he did. Because he did make a mistake I'm not excited about the prospect of having him do the repairs. --Despite the fact that we were not actively living there, should our home insurance cover us? This is a concerning question given what we learned in searching for a rental policy-- in that policy the house had to be occupied. We haven't switched our residency so that property is legally our home for practical purposes though it's empty of furniture, etc. --Should we hire a plumber to go check it out before taking any other action? It occurs to me to be a good idea to get a disinterested party on the ground before reaching out to either the insurer/the would-be winterizer because I'm not there and can't easily return. Any other advice? We're frustrated by having taken steps to cover our bases and yet finding ourselves facing a terrible bill if for whatever reason insurance doesn't back us up. Thanks in advance. [link] [comments] |
Any real estate investing video games or simulations for newbies Posted: 29 May 2020 04:52 PM PDT I'm new to investing. Im curious if there is any video game or simulation where I deal with many scenarios relating to real estate investing [link] [comments] |
Posted: 29 May 2020 08:33 PM PDT I've got about 5k to play with and would like to try my hand at real estate but not sure the route to go or what I can buy with 5k cash. I've looked into possible cheap forclosures and trying to flip them, maybe REIT or crowdfunding, just really unsure of where to begin. I've started reading rich dad poor and and taking a listen to biggerpockets but let me know if there are other good books, podcasts, or websites too [link] [comments] |
How do end of year taxes work for out of state property? Posted: 29 May 2020 08:29 PM PDT It looks like i may be purchasing a few properties out of state, is filing my end of year taxes any different? [link] [comments] |
Searching for General Contractors Posted: 29 May 2020 02:00 PM PDT I am planning on making an offer on a rental property, the house needs a decent amount of rehab. I plan on paying cash with private money. Is it weird to ask for permission to walk though the property with contractors before making an offer? FYI property is owned by the bank. Also how do I find good contractors that can give me a rehab estimate? [link] [comments] |
Installing electricity/water on vacant lot (Fl - Miami) Posted: 29 May 2020 07:18 PM PDT Buying a vacant lot but it has no running water or electricity. It's in the city. Anyone know how much that usually costs? [link] [comments] |
What are hard requirements before starting with eal estate investing? Posted: 29 May 2020 07:16 PM PDT In my late 20's with a good full time job but wanted to seek an opportunity to earn additional on the side. Maybe own a property on a big city. I've read biggerpockets being recommended here but wanted to check with y'all on your experience before starting out. Real life experience, failures, and learnings. Is it safe or not for the weak hearted? How much should I need to know before starting? How much money before I start? Hope you can share some of your experiences. Thanks! [link] [comments] |
Posted: 29 May 2020 04:43 PM PDT $40K/annual from $80K is not slightly at all. Error in title. Hello all, I'm approaching year 1 with a primary mortgage. This is house #2 for me. I'm in Texas. I have home #1, paid off free and clear. There's a HELOC of $140K on it, not touched and don't plan on touching. I am living in home #2 with a primary mortgage (4.375% 30 year @ $127K left). Plan to pay it down to 90K within the next 2-3 years. I am thinking of buying home #3 (one duplex unit) with a primary mortgage with intentions to rent home #1 and home #2 out. Aiming for a sale price of between $100K-$120K on home #3. My income dropped down to $40K from $80K due to COVID and low census at hospitals. I applied for and got a second job just in case. I have an offer letter in hand if I need to give it to a lender. Is home #3 possible? Is $40K income too little to handle $127K + 2nd mortgage? Thanks in advance! [link] [comments] |
Looking for advice/insight please! Posted: 29 May 2020 04:35 PM PDT I'm 21, have no experience in real estate investing. So I'll probably sound clueless and stupid, but I'm really looking for insight. Please read this. I've lived in my parents house my whole life. They didn't have much money but they found a deal for about $110,000 to buy a mobile home/manufactured house, that sits in the middle of 2 properties. We technically have two addresses, and live on a half acre while everyone else lives on quarter acres. When they bought the house, it was a pretty ghetto neighborhood that was filled with mobile homes, trailers etc. But over the past 20 years the city installed sidewalks, updated a park that's 2 minutes walking distance from our home, and many mobile homes have been demolished to create nicer houses. The city built a Costco nearby and is doing a lot of development with new restaurants. Basically our neighborhood is still kind of ghetto, but a lot nicer than it used to be. Most houses around here go for $300,000 or so if I had to guess. Do you think it would be wise for us to create a plan to demolish our house and turn it into two properties, with nicer homes? Then rent out the houses while we still own the land. It feels like a money making opportunity. I really don't know if this type of thing is possible, and how it could be done realistically. Maybe its a stupid idea too but please give me some thoughts on this. [link] [comments] |
Posted: 29 May 2020 04:33 PM PDT To get a lower down payment, one of us would occupy an apt. He lives with his gf and friend paying 1/3rd of rent at a 2bed unit. I live in a 1bed 1 bath, paying double his payments. How would we be able to split the mortgage if I moved into the building? It wouldnt be fair to split it 50/50 if I lived there. [link] [comments] |
Sell or rent this house? (Stole this house and tiny payment) Posted: 29 May 2020 04:22 PM PDT Hey all! Interesting scenario here that I'll try to keep brief but provide enough context. So, I bought a house with a 0% down USDA loan and the rate is 3.65 30yr fixed. The payment with escrows is $690 a month. This is a lake town with a hot real estate market and the house is across the street from the lake (no view). I bought the house from a guy who inherited it and he liquidated it bc he had so many tax leins. The house is 2b 3 ba 2ksqft on a 1 acre lot. It also has a deeded boat slip in a community boat house which the fmv of slip only is $25k and I can sell separately from the house to another neighbor. Fast forward to today, and my family income is $200k. We have zero debts other than the mortgage. Now we want to move to a nicer place. I feel like with $10k in upgrades we can command $1700/month rent. We have never improved the house other than manual labor and about $1,500-$2,000 in paint, supplies, etc. today we could probably sell for a profit of $50k. If improved we could see profit of $80-100k. A crazy market here. With our income level and house we want, our payment would only be $$1,500-$2,000 a month for a house we would want forever. So, do you flip the house for quick cash or rent it for a huge cash flow number? [link] [comments] |
Can anyone recommend a data aggregator for home owner & property information? Posted: 29 May 2020 04:21 PM PDT One of my old offices used an aggregator (forgot the name) to get lists of property owners in different states. I need the data to include: -Full property address (house, street, town, state, zip) -Cross street of property address -Property Owners phone number -Property Owners name and date of birth -Spouse (if any) and spouses date of birth -Date when property was last sold If anyone has any suggestions - I would be very grateful! Thank you!! [link] [comments] |
[Los Angeles, CA] investing in section 8? Posted: 29 May 2020 04:16 PM PDT newbie alert I've heard and watched a few videos on investing in section 8 apartments is far more superior than regular apartments. Is there any reason for this? Can anyone explain? Thanks! [link] [comments] |
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